5566

Their answer was:

Industry and Company was three years into its expansion cycle. So in all likelihood, normalized earnings would be lower than the reported earnings.

They had also provided info with regards to some environmental remediation that the company had to undertake in this cycle - so that needed to be added back - so the underlying earnings would be higher than reported earnings.

given this - the normalized earnings would be the lowest of the lot...

and P/E based on that would be the highest.

CP